Estate planning options concerning the family home

| Sep 7, 2017 | Estate Planning

Planning for certain life events can seem somewhat stressful and intimidating. However, individuals in Illinois may have an idea of how they want their assets to be divided upon death, and having a plan in place could help ensure their wishes are carried out. For those whose home consists of a considerable portion of their wealth, considering the available estate planning options could prove beneficial in ensuring that loved ones are provided for after they are gone.

While the real estate market may see some changes from time to time, those who have owned a home for a substantial period might have experienced a substantial increase in its value. How to handle this particular asset is a significant concern for many who wish to plan their estate. While these individuals may wish to continue residing in their homes throughout life, their beneficiaries might be less attached to the property.

This could lead a person to wonder if the best course of action is to leave the property to loved ones, or to sell it and divide the profits among them. While selling it could provide beneficiaries with a substantial sum of cash, it may also prevent them from fighting over ownership. Should an individual wish to keep the home in the family, he or she might wish to explore the benefits of forming a will or placing it in a trust.

With the intricate nature of such matters, making informed decisions can be somewhat intimidating and overwhelming. When facing such a dilemma, a person may find it beneficial to go over the available options and their potential outcomes with an experienced attorney. An estate planning attorney in Illinois can address a client’s concerns and provide advice on choosing a plan that is in keeping with is or her wishes for the future.

Source: New York Times, “Estate Planning: Leaving a Home to Heirs While You’re Still Alive“, Kaya Laterman, Aug. 25, 2017